Slaughters and Cravath advise on $30bn Johnson & Johnson takeover bid

Johnson & Johnson is making a $30bn play for Swiss biotech firm Actelion.

drugwatch

Healthcare giant Johnson & Johnson has extended a $280 per share offer to acquire Swiss biotech company Actelion. With a total deal value around $30bn, the acquisition represents a 23 per cent mark-up on the Swiss companies closing share price of 227.4 swiss francs on Wednesday, and is 80 per cent higher than the companies market value in November before merger talks began to swirl. Wall Street heavyweight Cravath, Swaine & Moore is advising Johnston & Johnson on the deal alongside Homburger and Sexton Riley, while Actelion is being advised by Slaughter and May, Niederer Kraft & Frey and Wachtell Lipton Rosen & Katz. Shares in Actelion spiked 20.3 per cent yesterday morning when the deal was publicly announced.